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Italian luxury sports carmaker Ferrari announced on Tuesday an increase in its net profit last year, but investors dumped its shares after being spooked by its debt and disappointed with the 2016 outlook.

Net profit rose at the brand with the famous prancing horse logo by 9.4 percent last year to €290 million.

The debt of €1.94 billion, the result of its spinoff from Fiat Chrysler and entry onto the Milan stock exchange, was considerably higher than the €1.7 billion expected by analysts.

Moreover, Ferrari expects the debt to rise slightly this year, while the increase in sales to shift down a gear.

While sales rose by six percent in 2015 to 7,664 vehicles, the company only expects a 3.1 percent gain this year to 7,900 cars.

Adjusted operating profit should also climb by three percent to €770 million, but revenues are only expected to rise by half that rate to 2.9 billion.

The modest outlook combined with the high debt level disappointed investors, with Ferrari shares finishing the day down 9.6 percent at €33 euros. The Milan market was down 3.05 percent overall.